The payment is targeted at those earning £35,000 or less per year, with 70% of the West Brom’s workforce benefiting. It will also be extended to contractors who work on site at the Society, primarily for maintenance and cleaning.

It follows the launch of the Society’s Financial Hardship Support Fund earlier this year and a performance related pay award of 5% for all colleagues.

Jonathan Westhoff, Chief Executive at the West Brom, said: “As a mutual organisation, our purpose is to support people’s financial wellbeing and we’re committed to doing right by our colleagues, customers and communities.

“Earlier this year we announced the provision of a Financial Hardship Support Fund, which was set up to provide a helping hand to colleagues who suddenly find themselves in financial difficulty. While we’re pleased to be able to offer this, we wanted to do more to help ease any financial burdens.

“We hope that this one-off payment, coupled with our existing measures, goes some way to easing any financial burdens our colleagues may face in the coming months.”

The payment will be made in four instalments of £300 between October 2022 and January 2023.